ROC Pref III Corp. Announcement

    TORONTO, Sept. 25 /CNW/ - ROC Pref III Corp. ("ROC III") announces that
Standard & Poor's ("S&P") lowered its ratings on ROC III's Preferred Shares
from P-2 (low) to P-4 (high) and placed them on CreditWatch with negative
implications. As indicated in a press release dated September 11, 2008, the
ratings on the Preferred Shares were expected to be adversely affected by
recent events. S&P expects to resolve the CreditWatch placement within a
period of 90 days and update its opinion.
    The move comes as a result of credit events in the Reference Portfolio,
namely Lehman Brothers Holdings Inc., Fannie Mae and Freddie Mac, as well as
several downgrades of companies held in the Reference Portfolio as a
consequence of the ongoing extremely difficult conditions facing the United
States financial system. CC&L and ROC III are reviewing and will explore the
options, legal and otherwise, that are available to ROC III relating to the
delivery of the credit event notices in respect of Fannie Mae and Freddie Mac.
    ROC Pref III Corp.'s Preferred Shares pay a fixed quarterly coupon of
4.40% on their $25.00 principal value and will mature on March 23, 2012. The
Standard & Poor's rating addresses the likelihood of full payment of interest
and payment of $25.00 principal value per Preferred Share on the maturity

    The Preferred Shares are listed for trading on the Toronto Stock Exchange
under the symbol RPB.PR.A.

For further information:

For further information: please visit or
contact: Neil Murdoch, President & CEO, Connor, Clark & Lunn Capital Markets
Inc., (416) 364-2839,; or Darren Cabral, Vice-President,
Connor, Clark & Lunn Capital Markets Inc., (416) 214-6182 or 1-888-276-2258,

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